Business News of Wednesday, 7 November 2018
Information Minister, Kojo Oppong-Nkrumah says the 2019 budget signals Ghana’s exit from the International Monetary Fund program.
Addressing the press on Wednesday, November 7, 2018, Mr. Oppong-Nkrumah expressed hopes of a successful exit from the IMF after the Akufo-Addo administration has managed to addressed targets under the program in its first two years.
According to him, government sought about US$ 918 million under the program, spread over three years.
“The 2019 budget will mark the beginning of Ghana’s exit from the IMF program under which we sought almost 918 million dollars, over three years with conditions attached. The administration has in the first 2 years raced to correct spillages from set targets under the program and is hopeful for a successful exit at the end of this year,” Oppong-Nkrumah disclosed.
Echoing President Akufo-Addo’s assuring words on the 2019 budget, Oppong-Nkrumah asserted that the Finance Minister, Ken Ofori Atta will “demonstrate to Ghanaians how, as we exit the IMF program, government intends to’ improve their standard of living.”
“The Honourable Minister of Finance will demonstrate to Ghanaians how the Akufo-Addo administration intends to maintain fiscal discipline, increase liquidity in the Ghanaian economy, sustain the heightened growth which has been restored, invest in massive infrastructure without compromising on debt sustainability and expand credit to the benefit of small and medium scale enterprises,” he noted.
Ken Ofori Atta, will deliver the 2019 budget and policy statement of the government on November 15. This comes at a time over one million Ghanaians, according to the Centre for Socioeconomic Studies (CSS) lost their jobs since 2017.
The job cuts span the industrial, banking and mining sectors as well as the media and services sector.